Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-05-25
THE FINANCIAL REPORT.
DETAILED STATEMENT OF THE NEGOTIATIONS
WITH THE COMMISSIONERS OF THE COUNCIL
OF FOREIGN NEUTRALITY-SUSPICIOUS. FOR THE
PEOPLE TO READ.

The following is the final report of the Joint
committee of the General Assembly appointed
to confer with commissioners of the Council of
Foreign Bondholders and which was presented
to the General Assembly Wednesday, May 18th.
Resolved By The Senate (the House of Delegates
concurring). That joint committee, consist
ing of three members of the Senate and i've of
the House, be appointed by the presiding off,
GERS of the respective houses, who shall be
a Commission from the Council of Foreign
Bondholders and ascertaining what amount
of the bonds of Virginia is owned or controlled
by said Council of Foreign Bondholders; sec.
ond, to demonstrate to said Commission the
inability of the people of the State to bear a
greater burden of taxation, and also to show
what are the revenues and the necessary ex-
pendftures of the Government, and the availa-
BILE revenues for the payment of interest, and
to point out to Them that which addresses it.
self to their interest, well to the interest
of the State.
By subsequent joint resolution the Presi-
dent of the Senate and Speaker of the House of
Delegates were added to the committee.
Immediately after the adjournment of the
General Assembly on the 9Th of April the joint
committee organised for business and proceed
ed to ascertain from the most reliable sources
the exact amount of the public debt and the
status of each class of that debt; the amount of
revenue received into the treasury under the
present rate of taxation; the amount necessary
| for the support of the Government, the main
| tenance of her educational interests, her elee-
apled soldiers, and the amount of revenue
which might be made available for the pay
on the 18th of April, Sir Edward Thornton,
| G. G. B -, and Mr.. 8. n. Braithwaite presented
| their credentials from the Council OF Foreign
Bondholders. which duly accredited them as a
Commission of said Council.
By the authority granted the joint committee
by the General Assembly, stenographer was
| that was said on either side.
| Your committee desire to express their pro-
hna h q IN
| cure settlement of the debt of the State upon
terms which would be satisfactory to both the
State and her creditors. Each member OF Inc
| reach such a result, seemed willing 10 lay
| aside all prepossessions and prejudices, to con-
slider carefully all propositions submitted. ana
| to determine every question upon Its merits.
But anxious as the committee were TO settle
| forever this vexatious matter, they were mol
| tional interests the crippling of our eleem0sy-
nary institutions, and the neglect OF our dis
abled soldiers, which the acceptance OF the
propositions submitted to US would virtually
| require; hence, when upon our declining 10
| accept the terms proposed by the commission
| of the Council of Foreign Bondholders, they in
formed us that we had their uuinldtunl, their
| last word, and that they were unwilling to
continue negotiations except upon that basis
| This declaration on their part necessarily Ter
The Committee believe they demonstrated
| to the Commission the insuf9cieney OF our
available assets to pay annually the amount
of interest which they demanded, and that
| their dema nds could only be complied with by
the burdens Oh uenn 'he
| In reply to this the Commission feJecteu our
| estimates of receipts and disbursements. claim
| Ing that our receipts were greater than we mad
| shown them to be (thus discrediting our state
meuts, which were made from thoroughly re-
| liable official documents), and that our appro-
| priations to educational purposes, 10 our asy-
| iu,ns for the insane and for our disabled SOL
! diers were excessive; that these appropriations
ought 10 be reduced, and the amounts saved
10, tho rodn
interest due the bondholders, the great body
| of whom are citizens of England.
1 The Committee could not accept the argu-
| ments of The Commission as sound or their
| conclusions as just.
| In a republic where the people are sovereign
i-wkere power originates with and rests with
4! the people, where all men are equal before the
1 law and where the poorest may vie with the
richest for the highest places Of honor or groht,
| education is one of its main bulwarks. Hence
| self representation and duty, interest, and phi
Ianthropy demand that educational facilities
shall be placed in the reach of all.
| Nothing but the hardness of the times, the
poverty of taxpayers, and the scarcity OF
money justifies us in adhering, as we are do
ing to The minimum sum dedicated topublic
free schools by the Constitution, and we shall
hail with pleasure the dawn OF such prosperity
as will justify largely increased appropriations
for educational purposes.
| The Commission also suggested reduction
in appro priations to insane asylums; overlook
or ,ne he class
| the seve' al institutions of the State, hundreds
of these poor demented creatures are langulsh-
ing in the uncomfortable jails of the various
counties, deprived of proper medical skill an
trained nurses.
per capita expenditure in the asylums COM
pared m ost favorably with that OF other states.
i Rather than decrease the appropriations
| your committee wished the condition of the
State would permit larger donations to caring
for these uDfOl ates.
Another subject of expense complained o.
was what they cali the extravagant provision
for manned and disabled Soldiers of the State
REosEN1Na NEGOTIATIONS.
Upon being notified that the joint COM mittee
had resolved to report to the General Assem-
bly, the failure and termination OF negotiations
the Commission requested the joint com mittee
no TsSRfin Which they termed their mini
mum" This proposition was, In the opinion
of the joint committee. but little II any better
| prompt declined. With the declination OF
| this last proposition of the Commission, the
joint committee submitted to them counter
prOpOsition.
| Upon receiving it, the Coz mission asked a
| suspension of proceedings until they could re
c9ve Instructions from the Council OF Foreign
| the expiration of four days they informed the
Joint committee that they were INSTRUCTED to
| adhere to their last proposition.
| Neither side having any other proposition to
| submit the Joint committee informed the Com
mission that they. regarded all negotiations as
finally ended. snd would make their final re-
port to the General Assembly as soon as IL could
| be completed.
The committee hereto append in consecutive
order o stStsment showing the comparative
condition OF virginia financially n lSo9-6o and
4 1883. the estimate Elade Ey the Com issien 81,
| on which their first proposition was based, and
/ containing substantially their proposition; the
4 reply of the committee to that proposition; the
second proposition made by the Commission.
| and the reply VI the committee thereto; sthe
l third PROPOSITION Of The Commission. which
they termed thei. .WFis.asisns.l' their "iest
words" and the response of the committee
4 thereto; the last proposition submitted BY the
! Commission, which they termed their mini
| NUNS the reply thereto by the committee, and
the final COM cato from the Com mission
| annrisea OF All that pasaeda bctweSh the ionl
| com fntttee and the Commission of the Coancli
| of Koreign Bondhoiders. the full is!enographlc
report IS alsoseletq expended in its eonsecntiS
order.
STATEMENT SHOWING THE COMPARATIVE VAL
UES IN 1850 AND 1885,